Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1887-03-12

has furnished currency without COM
pensation other than an annual tax of
per cent.
We will go to our neighbors in the Do
minion of Canada, to the Cape of Good
Hope, Australia, New Zealand and Brit
ish India, and we will find IN these Eng
lish dependencies paper money circula-
ton Is established and regulated by their
colonial governments. This paper money
does not rest upon the public debt of
Great Britain or the interest bearing
bonds of the United States, and the peo-
pie are beyond the pale of our national
bank-syStem.
In round numbers these people are over
$50 100000. They manage to survive aud
exchange commodities and property and
settle balances with each other without
Inconvenience. The time has come to de-
mand the repeal of all laws that have pro-
lODged the payments of the interest bear
ing public debt and the clause in the act
which created our present national bank
system and taxed state and private banks
of issue out OF existence in the several
states. The time is ripe for its abolition.
Let not politicians be deceived; the
people in the United States will see to it,
and will not be humbugged by cries Of
loyalty or party names in the next presi-
dental contest.
basis of currency should be submit
ted for the state of Texas which her
great material wealth and value of ex-
ports demand. Banks of issue should be
organized based upon Texas wealth
properly secured and regulated by our
own state government, in order to free
ourselves from the nonresident money
owners, who in few years if the present
squeeze is maintained will become own
ers OF our realty and masters of the po-
litiCal situation.
| um opposed to any class of green
OaCkism except TO is sue enough of which,
together with the money now idle in the
United States treasury, Will pay the en-
tire interest bearing debt, which is now
supposed to be about 81 100000, 900, with
over $500, 900, 900 now idle in the treas
ury, put there by federal tax gatherers.
being in fact One-third of the entire volume
of money in United States gold, silver,
national bank notes and United States
currency, aud declare the 500, 900, 600 so
issued money, which in effect is simply
Transforming the interest bearing to q
nOn-interest bearing debt. This would
wipe out the necessity for the internal
revenue scheme and other unnecessary
taxes upon the people.
l propose to establish in Texas banks
OF issue upon this plan, viz; % per cent.
OF the issue, gold and silver and green
back treasury notes, to be absolutely in
control Of the banks; 70 per cent. of the
issue to be secured by state bonds, county
bonds and productive real estate at re-
duced valuation; the securities made pay
able to the state government and held by
the Treasurer of the state to protect fail
ure by bad management or fraud, and
sold after ten days. notice to pay
each shareholder made
liable for the full amount
of stock owned by him, and no exemption
to count, with proper criminal laws 20
cover cases of dishonest bank presidents
and cashiers. Such q system OF currency
would be acceptable, and in my Judgment
would give an impetus to the sale and
exchange Of property, which is now at
low water and deadlock for want of mon
ey. 1t is simply utilizing the credit our
property is entitled to, and the student of
facts will find the basis Of credit of the
national bank note is simply confidence
in the ability Of the government which
declares the notes receivable for govern
ment dues and taxes are divided among
of national banks (the
United States government having taken
this fortunate class under its protect
loyal wing. Very truly yours,
JOHN WILLETT.